Research & Insights

Sustainable Investing & ESG Policy

Sustainable Investing and Environmental, Social, and Governance (“ESG”) integration are strategic priorities for Bridgewater. Our approach to these issues is shaped both by who we are as an investment manager—a global macro investor with a fundamental, systematic, and diversified approach to investment research and portfolio construction—and by how we partner with clients.

As a global macro, multi-asset manager, our first investment goal is to build a deep understanding of how economies and markets work. Because ESG issues are important drivers of global economies and markets, we have made it a strategic priority to deeply research these issues and to integrate that research into our investment process in a manner that is consistent with our systematic way of managing money. Since our investment logic (and thus individual positions) is predominantly driven by macroeconomic views, much of our ESG research takes a similarly macro-oriented approach that spans across economies, markets, and asset classes.

Our second goal is to convert the understanding we have built into high-quality solutions for our clients’ most important investment objectives. The framework we use for integrating ESG considerations into portfolios depends on the portfolios’ objectives. For portfolios with traditional return and risk objectives, we research ESG issues that we believe may have a material impact on financial performance, and this research is integrated as part of our broader investment research process. In addition to having return and risk objectives, we are increasingly partnering with clients who have added a third dimension to their investment objectives, namely impact. For these portfolios, we not only consider how ESG-related issues might affect return and risk but also how aligned these portfolios are to environmental and social outcomes.


Our Co-CIOs for Sustainability, Karen Karniol-Tambour and Carsten Stendevad, are responsible for embedding sustainability considerations across Bridgewater’s investment processes and for designing and overseeing those portfolios that pursue both financial and impact goals. They co-chair our Sustainable Investing Committee, which is responsible for developing and governing Bridgewater’s investment research, portfolio construction, stewardship, standards and processes as it relates to ESG and sustainable investing. The Committee includes Daniel Hochman, Head of Sustainability Research, and is supported by a full-time, dedicated research staff. More broadly, Bridgewater’s Investment Committee is responsible for all aspects of the firm’s investment research process, and Karniol-Tambour is also a member of Bridgewater’s Investment Committee, ensuring ongoing integration across the firm’s investment priorities.

Our Sustainable Investing and ESG policy is directly overseen by our Sustainable Investing Committee and reviewed on a regular, ongoing basis. The Sustainable Investing Committee also provides quarterly business updates to the CEO as well as regular updates to Bridgewater’s Investment Committee, which may result in updates to the policy. The overall policy and any changes are periodically reviewed by Bridgewater’s legal and compliance team.

2-D Approach: Incorporating ESG to Achieve Financial Goals (Return and Risk)

Our starting point as investors has always been to understand how the world works. In service of that mission, we conduct deep, fundamental research across a broad range of topics—we believe markets and economies move for logical reasons that can be studied and understood, and that once we understand how something works, we systemize that understanding into our investment process and compound on it through time. We then convert that accumulated understanding into insights and portfolio solutions for our clients. In addition, important findings from our research are shared with our clients through our research and, in a number of cases, policy makers, and the public at large.

Given ESG considerations directly impact economic outcomes, the actions of policy makers, and market outcomes, we seek to deeply understand these topics by studying them as an integrated part of our research process. The goal of this research is to improve our investment process in pursuit of the best risk-adjusted returns. We prioritize topics that we believe are most pertinent to our macro investment approach—in other words, those topics we think have material financial (risk/return) relevance to our portfolios.

The impact of ESG issues, and therefore the urgency with which we seek to deeply understand them, has accelerated in recent years, given greater ramifications on fiscal and monetary policy, capital flows, and investor behavior. As such, we conduct extensive research on a wide range of topics related to ESG, such as the divergences between social and economic conditions, populism and social inequality, economic impacts of climate change, and the shift toward renewable energy and transition away from fossil fuels, to name a few. As we approach these issues, we leverage our 45+ years of experience in conducting deep, systematic, macro research.

In recent years we have researched how social issues are increasingly impacting economic and market outcomes. Several years ago, our researchers perceived that some aggregate economic statistics (e.g., total GDP growth) were masking the growing divergences across households of different income and wealth levels, and that missing these underlying dynamics could result in very inaccurate estimates of future spending. This perception led us to questions not only about the accuracy of our spending estimates, but also the effects of inequality on social cohesion, populism, and conflict, the answers to which are critical for understanding the investment landscape we are in, as these issues are increasingly influencing the decisions of fiscal and monetary policy makers. The results of this research have been incorporated into our investment systems and synthesized in the form of research reports shared with our clients. Examples include Populism: The Phenomenon and Social Conditions Are an Increasing Consideration for How the Economy Will Be Managed.

Furthering our understanding of environmental and climate change considerations is another priority for us. Climate change is one of the most important challenges of our generation and addressing it will create significant shifts in the underpinnings of the global economy. A successful transition away from carbon will require a coordinated response from governments around the world, as envisioned in the Paris Agreement. From an investor perspective, climate change is a multi-dimensional topic that affects asset markets and economies through many different channels, such as direct physical effects (i.e., rising temperatures and related effects) as well as through the impact on transition-related regulation, investment, capital flows, changes to commodity consumption, etc. We have investigated a wide range of climate-related issues, such as the fundamental challenges with macroeconomic climate risk modeling, the importance of environmental policy relative to long-term physical risks, transition risks to assets, the impact of China’s shift toward renewable energy, the implications of the decline of coal, and the consequences of the shift towards electric vehicles for oil demand and investment.

As new understanding is uncovered, we seek to systemize and incorporate it into Bridgewater’s broader understanding of how markets and economies work and utilized to trade markets. For example, our research into low-carbon economy scenarios flows into our projections on the impact of demand for commodities (e.g., industrial metals and energy). We also seek to incorporate our understanding of ESG issues into our fundamental risk controls process. For example, we utilize our understanding of how our various asset holdings around the world will perform in a shift in climate scenarios (e.g., a faster transition to a low-carbon economy) to build risk caps tailored to climate risks.

In general, the research we publish provides the best window into the types of ESG-related research that we prioritize incorporating into our investment systems.

3-D Approach: Building Portfolios to Achieve Financial and Impact Goals

Alongside return and risk considerations, an increasing number of institutional investors are focused on a third dimension: the “impact” that their portfolios have on environmental and social outcomes. These investors explicitly want to direct capital towards the types of investments that they see as most aligned to their impact goals. As our clients started adopting such impact goals, we did what we have always done and partnered with them to find solutions to achieve their goals.

Using Bridgewater’s systematic research and portfolio engineering expertise, our Sustainable Investing team has prioritized examining how to construct scalable portfolios that address investors’ three-dimensional goals: return, risk, and sustainability impact. We approach the challenge of sustainable investing in liquid markets by applying Bridgewater’s fundamental, systematic, and diversified approach. Using this approach, we have built a systematic assessment process for evaluating whether securities are aligned with investors’ environmental and social impact goals. This process assesses the alignment of major public market securities (across asset classes) to the UN Sustainable Development Goals (“UN SDGs”). We have selected the alignment to the UN SDGs as the foundational framework for this approach because they are oriented towards positive environmental and social impact, are widely accepted by governments and asset owners, and contain specific and measurable indicators that help investors and researchers to assess whether a given entity is helping to achieve any of the 17 goals. Further, because of the central role that climate plays in the UN SDGs, many climate-related metrics inform our overall assessments, and therefore this approach achieves strong alignment with combating climate change.

The All Weather Sustainability strategy is our first portfolio that deploys this approach and is designed to be a strategic (beta) portfolio solution for investors who seek to achieve both financial and impact goals at scale. We chose to focus on building a strategic portfolio because ~90% of the risk in typical institutional portfolios is in the strategic asset allocation, so engineering a quality strategic asset allocation represents a crucial foundation for investors’ financial and impact goals. The strategy is designed to generate a higher ratio of return to risk than traditional portfolios, while also being significantly more aligned to the UN SDGs than traditional portfolios. For more detail, see our chapter in the publication, Sustainable Investing: A Path to a New Horizon.

Stewardship and Corporate Engagement Policy

Our corporate engagement strategy is shaped by our multi-asset macro investment strategy and by the specific objectives of the portfolios (i.e., financial versus impact; long-only versus long/short strategy, where we do not consistently provide capital to any particular asset class or security). Our Sustainable Investing Committee oversees all matters relating to our stewardship policy at both the policy and implementation level.

Over the past six months, we have evolved our approach to corporate engagement in line with the buildout of our systematic sustainability assessment capabilities and will report annual progress beginning in 2022.

Issuer Engagement

We believe in the value of constructive engagements between companies and investors. Across our portfolios, our objective with these engagements will be to ensure that companies manage these ESG risks appropriately (including operational, regulatory, or reputational risks). Leveraging our systematic sustainability assessment process, we identify relevant ESG risks for our portfolios and targets for potential thematic engagement (e.g., modern slavery or climate risks). By leveraging our systematic process, our prioritization of our engagements can be data-driven and methodical.

In strategies with both financial and impact goals, we leverage our sustainability assessment process to go a step beyond ESG risks to identify particular situations where targeted engagement might materially enhance the impact dimension of the portfolio. Our objective is to identify weaknesses in company behavior and alignment to UN SDGs that if improved could lead us to allocate more capital towards them because it would better meet the objectives of the portfolio.

At the beginning of an engagement, we will work with our engagement services provider to identify specific objectives with the engagement which thus enables the evaluation of the efficacy of the dialogue on an ongoing basis. If the engagement efforts do not yield results in line with the objectives, we will evaluate our options including, but not limited to, terminating our long positions in these companies. Through our engagement services provider, we may choose to participate with other investors in conducting these engagements, but we will always retain our full discretion to act however we see fit and thus not acting as a formal consortium.

In April of 2021, we appointed Sustainalytics, a UN PRI signatory, as our engagement services provider; we were encouraged by their constructive approach to engagement whereby they “encourage companies to improve their approach to themes identified and agreed to by the parties, resulting in reduced reputational and operational risks and raising standards at the sector level.” Prior to that appointment, we conducted extensive due diligence on a number of advisors using a broad range of selection criteria including: overall approach to engagement, the ability for us to actively participate and shape the process, the analytical quality of the research, and the coverage overlap with our investment universe. As part of our selection of Sustainalytics as our engagement services provider, we shared our Sustainable Investing and ESG policy and held executive-level conversations regarding our philosophy and approach.


Across our strategies, we partner with Glass Lewis, a proxy advisor, to vote our shares on behalf of our clients, and voted 98% of eligible proposals last year. Glass Lewis is a signatory to the UN PRI, abides by the principles set forth therein, and considers ESG issues in the process of generating all of their recommendations. We have shared our Sustainable Investing and ESG policy with Glass Lewis and have had executive-level conversations with them regarding our philosophy and approach. In strategies with impact goals, we direct Glass Lewis to employ their explicit ESG proxy policy, which emphasizes ensuring company alignment with the sustainability-oriented focus of the strategy.

Additional detail on our proxy voting practices can be found in our Proxy Voting policy, which is available in our Form ADV 2A on the SEC’s website or upon request.

Collaborative Engagement

Collaborative engagements have always been a core part of Bridgewater’s DNA, grounded in longstanding, research-oriented collaborations with our clients, including on topics relating to sustainable investing. Examples of such collaboration include sustainable portfolio construction along return, risk, and impact dimensions, macro ESG themes impacting economies and markets, climate change portfolio stress testing, and sustainability data evaluation.

As a research-driven firm, we seek out substantive collaborations and engagements with a number of external leaders, practitioners, and data providers on initiatives that align closely with our research objectives. For example, our Co-CIO for Sustainability (Karen Karniol-Tambour) is on the leadership council of the Impact-Weighted Accounts Project at Harvard Business School, we engage with the Brookings Institution’s Center for Sustainable Development, and support the Leaders’ Declaration of the Global Steering Group for Impact Investment.

In terms of external affiliations, Bridgewater is a signatory to the UN Principles for Responsible Investment, a supporter of TCFD, a core supporter of the Standards Board for Alternative Investments (formerly the Hedge Fund Standards Board), and a member of Focusing Capital on the Long Term, a non-profit that works to encourage a longer-term focus in business and investment decision-making.

Finally, we contribute our research and perspectives on sustainable investing to the broader public dialogue via external publications, conference series, and participation in industry surveys.

Other Considerations

Portfolio Exclusions

As it pertains to our asset holdings and exclusion lists, we ensure that we are compliant with all applicable sanctions. We do not have a firmwide exclusion list across portfolios that excludes investments solely for environmental or social impact reasons.

In strategies with explicit impact goals, we impose stringent sustainability selection criteria to align with the UN SDGs. Our sustainability assessment approach seeks to identify the securities that are the most aligned to the UN SDGs rather than excluding only the least aligned.

Conflicts of Interest

We have policies in place to identify and mitigate conflicts of interest, which we describe in sections 6, 10, and 12 in the Form ADV Part 2A and our Code of Ethics, both of which are available upon request.

More specifically, Bridgewater aims to identify all conflicts of interest that could incentivize, or even give the appearance of incentivizing, Bridgewater employees to make decisions that may not be in the best interest of our clients.

This presentation contains proprietary information regarding Bridgewater Associates, LP (“Bridgewater”) and the strategies Bridgewater manages and is being furnished on a confidential basis to a sophisticated prospective investor for the purpose of evaluating an investment with Bridgewater. By accepting this presentation, the prospective investor agrees that it (and each employee, representative or other agent of such prospective investor) will use the information only to evaluate its potential interest in a fund or strategy described herein and for no other purpose and will not divulge any such information to any other party. No part of this presentation may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Bridgewater. Notwithstanding anything to the contrary, a prospective investor, and each employee, representative or other agent of such prospective investor, may disclose to any and all persons, without limitation of any kind, the U.S. federal and state income tax treatment and tax structure of a fund described herein (and any of the transactions contemplated hereby) and all materials of any kind (including opinions or other tax analyses) that are provided to a prospective investor relating to such U.S. federal and state income tax treatment and tax structure.

This presentation has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or to participate in any trading strategy. Any such offering, will be made pursuant to a definitive offering memorandum (the “OM”) which will contain the terms and risks of making an investment with Bridgewater in the relevant fund and other material information not contained herein and which will supersede this information in its entirety. In the event of any discrepancy between the information shown in this presentation and the OM, the OM will prevail. Investors should not construe the contents of this presentation as legal, tax, accounting, investment or other advice. Any decision to invest in a Bridgewater fund or strategy described herein should be made after carefully reviewing the OM (including the risks described therein) and all other related documents, conducting such investigations as the prospective investor deems necessary and consulting such investor’s own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment in such fund or strategy.

An investment in any Bridgewater fund or strategy involves significant risks and there can be no assurance that any fund or strategy will achieve its investment objective or any targets or that investors will receive any return of their capital. An investment in any Bridgewater fund or strategy is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks inherent in such an investment (including the risk of loss of their entire investment) for an indefinite period of time. Past performance is not indicative of future results.

This presentation and the OM will only be made available to persons or entities who are “accredited investors” under the Securities Act of 1933, as amended, and “qualified purchasers” under the Investment Company Act of 1940, as amended. The distribution of this presentation and the OM may be restricted by law in certain jurisdictions, and it is the responsibility of persons into whose possession this presentation or the OM comes to inform themselves about, and observe, any such restrictions.

The shares in the fund may not be offered or sold to the public in Brazil. Accordingly, the shares in the fund have not been nor will be registered with the Brazilian Securities Commission - CVM nor have they been submitted to the foregoing agency for approval. Documents relating to the shares in the fund, as well as the information contained therein, may not be supplied to the public in Brazil, as the offering of shares in the fund is not a public offering of securities in Brazil, nor used in connection with any offer for subscription or sale of securities to the public in Brazil.

Certain information contained herein constitutes forward-looking statements (including projections, targets, hypotheticals, ratios, estimates, returns, performance, opinions, activity and other events contained or referenced herein), which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or other variations (or the negatives thereof) thereof. Due to various risks, assumptions, uncertainties and actual events, including those discussed herein and in the OM, actual results, returns or performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result, prospective investors should not rely on such forward-looking statements in making their investment decisions. Any forward-looking statements contained herein reflect Bridgewater’s current judgment and assumptions which may change in the future, and Bridgewater has no obligation to update or amend such forward-looking statements.

Bridgewater’s investment process seeks to understand the cause and effect linkages that drive markets over time. To assess and refine its understanding of these linkages, Bridgewater performs historical stress tests across a wide range of timeframes and market environments. From these stress tests, Bridgewater is able to simulate how its strategies would have performed prior to their inception. For strategies that include active decision making, Bridgewater often “humbles” its simulated alpha returns (by systematically adjusting downward the simulated results that Bridgewater’s current alpha investment logic produces) to account for the possibility that it could be wrong. Because this stress testing is a core component of Bridgewater’s investment process, it shares these simulations with current and prospective investors to demonstrate its thinking. However, because they do not demonstrate actual results, these simulations are inherently limited and should not be relied upon to make an investment decision.



Bridgewater believes that a particular return stream should be evaluated against its expected performance or its benchmark. To that end, Bridgewater demonstrates whether its strategies are operating as expected via a cone chart, which shows the performance of a particular strategy over time relative to the strategy’s benchmark and also within bands of standard deviation from that benchmark. Separately, to demonstrate the impact of market conditions on the strategies it manages, Bridgewater explains the macro-economic pressures and market conditions that effected performance in the context of client letters, account reviews, or other publications that Bridgewater provides to each current and prospective investor on a regular basis. Additional information about how Bridgewater thinks about setting expectations for its strategies via a benchmark is available upon request.

Any tables, graphs or charts relating to past performance, whether hypothetical, simulated or actual, included in this presentation are intended only to illustrate the performance of indices, strategies, or specific accounts for the historical periods shown. When creating such tables, graphs and charts, Bridgewater may incorporate assumptions on trading, positions, transactions costs, market impact estimations and the benefit of hindsight. For example, transaction cost estimates used in simulations are based on historical measured costs and/or modeled costs, and attribution is derived from a process of attributing positions held at a point in time to specific market views and is inherently imprecise. Such tables, graphs and charts are not intended to predict future performance and should not be used as a basis for making any investment decision. Bridgewater has no obligation to update or amend such tables, graphs or charts.

Statements regarding target performance or target ratios related to assumed risk budgets, liabilities, volatility, target volatility, tracking error or other targets should not be considered a guarantee that such results can or will be achieved. For example, Bridgewater may adjust returns to match, for instance, the annualized standard deviation of two or more return series but this adjustment does not suggest that the returns or assets are similar with respect to other aspects of the risk such as liquidity risk. Any statements with respect to the ability to risk match or risk adjust in the future are not a guarantee that the realized risks will be similar and material divergences could occur. All performance and risk targets contained herein are subject to revision by Bridgewater and are provided solely as a guide to current targets.

Discussions related to the risk controlling capabilities of low risk portfolios, diversification, passive investing, risk management, risk adjusting, and any other risk control theories, statements, measures, calculations and policies contained herein should not be construed as a statement that Bridgewater has the ability to control all risk or that the investments or instruments discussed are low risk. Active trading comes with a monetary cost and high risk and there is no guarantee the cost of trading will not have a materially adverse impact on any account, fund, portfolio or other structure. Bridgewater manages accounts, funds and strategies not referred to herein. Additionally, even where accounts, funds or strategies are traded similarly, performance may materially diverge based on, among other factors, timing, the approved instruments, markets, and target risk for each strategy or market. The price and value of the investments referred to in this presentation and the income, if any, derived from there may fluctuate.

Statistical and mathematical measures of performance and risk measures based on past performance, market assumptions or any other input should not be relied upon as indicators of future results. While Bridgewater believes the assumptions and possible adjustments it may make in making the underlying calculations are reasonable, other assumptions, methodologies and adjustments could have been made that are reasonable and would result in materially different results, including materially lower results. Where shown, targeted performance and the abilities and capabilities of the active and passive management approaches discussed herein are based on Bridgewater’s analysis of market data, quantitative research of the underlying forces that influence asset classes as well as management policies and objectives, all of which are subject to change. The material contained herein may exhibit the potential for attractive returns, however it also involves a corresponding high degree of risk. Targeted performance, whether mathematically based or theoretical, is considered hypothetical and is subject to inherent limitations such as the impact of concurrent economic or geo-political elements, forces of nature, war and other factors not addressed in the analysis, such as lack of liquidity. There is no guarantee that the targeted performance for any fund or strategy shown herein can or will be achieved. A broad range of risk factors, individually or collectively, could cause a fund or strategy to fail to meet its investment objectives and/or targeted returns, volatilities or correlations.

Where shown, information related to markets traded may not necessarily indicate the actual historical or current strategies of Bridgewater. Markets listed may or may not be currently traded and are subject to change without notice. Markets used for illustrative purposes may not represent the universe of markets traded or results available and may not include actual trading results of Bridgewater. Other markets or trading, not shown herein, may have had materially different results. Attribution of performance or designation of markets and the analysis of performance or other performance with respect to scenario analysis or the determination of biases is based on Bridgewater’s analysis. Statements made with respect to the ability of Bridgewater, a fund, a strategy, a market or instrument to perform in relation to any other market, instrument or manager in absolute terms or in any specific manner in the future or any specified time period are not a guarantee of the desired or targeted result.

Bridgewater research utilizes data and information from public, private and internal sources, including data from actual Bridgewater trades. Sources include the Australian Bureau of Statistics, Bloomberg Finance L.P., Capital Economics, CBRE, Inc., CEIC Data Company Ltd., Consensus Economics Inc., Corelogic, Inc., CoStar Realty Information, Inc., CreditSights, Inc., Dealogic LLC, DTCC Data Repository (U.S.), LLC, Ecoanalitica, EPFR Global, Eurasia Group Ltd., European Money Markets Institute – EMMI, Evercore ISI, Factset Research Systems, Inc., The Financial Times Limited, GaveKal Research Ltd., Global Financial Data, Inc., Haver Analytics, Inc., ICE Data Derivatives, IHSMarkit, The Investment Funds Institute of Canada, International Energy Agency, Lombard Street Research, Mergent, Inc., Metals Focus Ltd, Moody’s Analytics, Inc., MSCI, Inc., National Bureau of Economic Research, Organisation for Economic Cooperation and Development, Pensions & Investments Research Center, Refinitiv, Renwood Realtytrac, LLC, Rystad Energy, Inc., S&P Global Market Intelligence Inc., Sentix Gmbh, Spears & Associates, Inc., State Street Bank and Trust Company, Sun Hung Kai Financial (UK), Totem Macro, United Nations, US Department of Commerce, Wind Information (Shanghai) Co Ltd, Wood Mackenzie Limited, World Bureau of Metal Statistics, and World Economic Forum. While we consider information from external sources to be reliable, we do not assume responsibility for its accuracy.

None of the information related to a fund or strategy that Bridgewater may provide is intended to form the basis for any investment decision with respect to any retirement plan’s assets. Any information Bridgewater provides should be independently and critically evaluated based on whatever other sources deemed appropriate, including legal and tax advice; it is also not intended to be impartial investment information or advice as Bridgewater may recommend one or more Bridgewater products in connection with such information, which would result in additional fees being paid to Bridgewater. Bridgewater’s status as an ERISA fiduciary with respect to the management of any existing or future Bridgewater product(s) in which you invest would be (or continue to be) set forth in that product’s applicable governing instruments. You are responsible for ensuring that your decision to invest in any Bridgewater product does not violate the fiduciary or prohibited transaction rules of ERISA, the U.S. Internal Revenue Code or any applicable laws or regulations that are similar. On and after June 9, 2017, the information provided herein is being made available only to “independent fiduciaries with financial expertise” (within the meaning of the Definition of the Term “Fiduciary”; Conflict of Interest Rule – Retirement Investment Advice, 81 Fed. Reg. 20,946 (Apr. 8, 2017), available at, and this presentation should not be accepted by any person who does not meet such requirements.

This presentation was written in connection with the promotion or marketing of a Bridgewater fund or strategy, and it was not intended or written to be used and cannot be used by any person for the purpose of avoiding penalties that may be asserted under the U.S. Internal Revenue Code.

In certain instances amounts and percentages in this presentation are approximate and have been rounded for presentation purposes. Statements in this presentation are made as of the date appearing on this presentation unless otherwise indicated. Neither the delivery of this presentation or the OM shall at any time under any circumstances create an implication that the information contained herein is correct as of any time subsequent to such date. Bridgewater has no obligation to inform potential or existing investors when information herein becomes stale, deleted, modified or changed. ©2021 Bridgewater Associates, LP. All rights reserved.

Stay Informed
Sign up to receive our latest research on the forces shaping global economies and markets.
You're almost finished.
You will receive an email confirmation shortly.
There's been an error. Please start over and try again.
Stay Informed
Sign up to receive our latest research on the forces shaping global economies and markets.

Disclaimer & Agreement

Bridgewater Associates, LP is a global investment management firm. Bridgewater Associates, LP advises certain private investment funds and institutional clients, and is not available to provide investment advisory or similar services to most other investors. This website is a resource for audiences other than investors such as potential employees, researchers, students, counterparties and industry participants. Bridgewater Associates, LP believes it is useful for such persons to have an accurate source of relevant information. Under no circumstances should any information presented on this website be construed as an offer to sell, or solicitation of any offer to purchase, any securities or other investments. This website does not contain the information that an investor should consider or evaluate to make a potential investment. Offering materials relating to investments in entities managed by Bridgewater Associates, LP are not available to the general public.

To view this content, you must agree to the following terms, in addition to and supplementing the Bridgewater Terms of Use and Privacy Policy:

I confirm to Bridgewater Associates, LP and agree that:
  • I am entering this website only to obtain general information regarding Bridgewater Associates, LP and not for any other purpose.
  • I understand that investments managed by Bridgewater Associates, LP are not available to the general public.
  • I understand that this website does not contain the information I would need to consider for an investment, and that such information is only available to a limited group of persons and institutions meeting specified criteria.
  • I understand that this website has not been reviewed or approved by, filed with, or otherwise furnished to any governmental or similar authority, and is intended only to provide limited information to members of the public who have a legitimate interest in that information for reasons unrelated to making investments.
  • I understand that when Bridgewater Associates, LP makes third party information available, Bridgewater generally will not have verified statements made by the third party, and the presentation of information may omit important information.
  • I understand that third party materials such as live interviews made available by Bridgewater Associates, LP generally will not have been edited by Bridgewater and statements in those materials by individuals associated with Bridgewater should be understood in the conversational context in which they were made, which may include providing historical background.
  • The content constitutes the proprietary intellectual property of Bridgewater or its licensors and that I will not directly or indirectly copy, modify, recast, create derivative works, post, publish, display, redistribute, disclose, or make available the content, in whole or in part, to any third parties, or assist others to do the same, or otherwise make any commercial use of the content without the prior written consent of Bridgewater.

By registering my information below and clicking "Agree," I certify that I have read, understand and agree to the foregoing Disclaimer, Terms of Use and Privacy Policy.
This website uses cookies. Click here for additional details. By continuing to use this website, you consent to the use of cookies.

Internet Explorer is not supported by this website.

For optimal browsing we recommend using Chrome, Safari, or Firefox.